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More Than Half of AM CPs Unsold in Auction 84

Half of those that did sell went for opening minimum bids

What does it say about the state of AM when more than half of the construction permits for the FCC’s recently-held AM auction went unsold?

Twelve of the 22 CPs up for bid in the recently-completed Auction 84 went unsold and only five permits drew bids for more than the opening minimum, according to Fletcher Heald’s R.J. Quianzon.

Assuming the bidders actually pay, the total take is expected to be $891,500 for 10 total permits.

Quianzon reminds readers this was a closed auction, open only to those who applied for permits in 2004. “After 10 years of waiting” with a near Depression-level economic crisis dominating much of the intervening period, some applicants may have lost their zeal, he notes.

By far, the most expensive winning bids were $409,000 each for a CP in Culver City, Calif. and a CP in Stony Point Town, N.Y. The smallest winning bid, $2,500, was for a CP in Bozeman, Mont.

Twelve permits had no bids, including CPs in Huntsville, Ala., Henderson, Nev. and Kuna, Idaho.

Auction 84 began May 6 and ended yesterday, according to the FCC. There were 17 qualified bidders and 34 rounds of bidding.